Shafaq News

  In Shafaaq 

The Central Bank sets special controls for money exchange companies in the Kurdistan Region

The Central Bank of Iraq called on Monday, exchange companies in Kurdistan Region to obtain work licenses.

The bank said in a statement received by Shafaq News that “companies mediating the sale and purchase of foreign currencies in (Kurdistan Region) wishing to obtain a work license and register it as a banking company licensed by this bank, based on the Companies Law No. (21) of 1997 as amended, and the Bank Law Central No. (56) for the year 2004.”

He added, “Obtaining the license entails advantages that are commensurate with the size of the category in which the company falls into the categories (A, B, C) classified by this bank.”

He explained that “the companies wishing to register in category A must have a capital of no less than five billion dinars, while the companies of category B will have the capital of a single company not less than two billion and 500 million dinars, while companies represented by category C must not be less than the capital of the company.” One is about 500 million dinars.” Source